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19/12/2012

Business news : Lafuma Swung to Loss in Fiscal 2012

Lafuma Group reported that it lost €15.2 million ($19.7m) in the year
ended Sept. 30, compared to net income of €3.9m last year, due to a
write down of goodwill on the Oxbow surf brand.

The French company said sales from continuing operations increased
0.2% to €224.5m ($292 mm) compared to €224.1 million the prior year.
Gross margin slipped to 300 basis points to 48.1 percent.

Lafuma had reported in October that Oxbow sales declined 16.4
percent during the fiscal year. Lafuma's three divisions and their
brands (in parenthesis) include: Great Outdoor (Lafuma), Mountain
(Millet and Eider), and Board Sports (Oxbow). Lafuma sold its Country
division, which consisted of the equestrian apparel brand Le Chameau, in
October.

Lafuma said a partial impairment of goodwill related to Oxbow,
declining operating profit, and results from discontinued operations
contributed to the overall loss.

Lafuma came close to being acquired by the Korean company E-Land in
November, but the two companies broke off talks after concluding
insufficient synergies.

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